Fladgate LLP acted for Ila Security Limited and its founding shareholders on the acquisition of Ila by AIM listed, Jersey registered Baylon Holdings Limited, by way of a reverse takeover. Ila manufactures, markets and sells personal security devices for women. The acquisition will allow Ila to expand its UK market and assist its expansion in the USA, Canada and Europe.
The transaction is subject to the approval of the acquisition and the approval of a waiver of Rule 9 of the Takeover Code by Baylon shareholders in general meeting. Subject to those approvals, Baylon (which will be renamed Ila Group Limited) will be re-admitted to trading on AIM on completion of the acquisition which is expected to be on 5 March 2010.
Corporate partner David Robinson led the Fladgate team with assistance from John Forde (tax).
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